The Business Research Company’s Out-of-Home Advertising Global Market Report 2020-30: COVID-19 Growth And Change
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The out-of-home (OOH) advertising market consists of the sales of advertising services and related goods by entities that plan, develop, create and manage advertisement and promotional activities at out-of-home advertisement facilities. Companies are increasingly using artificial intelligence to advertise their product. The major applications and benefits of artificial intelligence for digital out of home advertisement are agile and trigger data-driven campaigns. For instance, McDonald’s used data like weather and time of day to remind the consumers to promote ice creams sundaes on a hot day, while Coca-Cola promoted smart water when the temperature exceeded 21 degrees. Virgin trains also used real-time traffic data to show motorists how much quicker their journey could have been by using trains. In this way, AI and automation can optimize ads and update them creatively according to the data.
The global out-of-home advertising market size is expected to grow from $25.29 billion in 2019 to $25.49 billion in 2020 at a compound annual growth rate (CAGR) of 0.8%. The slowed growth is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The OOH market is then expected to recover and reach $31.05 billion in 2023 at a CAGR of 6.8%.
The global out-of-home advertising market report by TBRC covers billboards, transport, street furniture, transit displays, others. it is also segmented by platform into static, digital and by application into food and beverage industry, vehicle industry, health and medical industry, commercial and personal services, consumer goods, and others.
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